EUR/USD Finds Support and Regains 1.1200

EUR/USD Finds Support and Regains 1.1200

23 May 2016, 18:45
Roberto Jacobs
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EUR/USD Finds Support and Regains 1.1200

EUR/USD managed to trim intraday losses after briefly falling below the 1.1200 level at the beginning of the New York session.

EUR/USD bottomed out at 1.1186 amid broad USD strength, but a lower-than-expected US Markit manufacturing PMI reading helped the euro to recover some ground. At time of writing, the pair is trading at 1.1207, still 0.13% below its opening price.

EUR/USD levels to watch

In terms of technical levels, immediate supports are seen at 1.1179 (7-week low, May 19), 1.1156 (100-day SMA), 1.1100 (200-day SMA/psychological level) and 1.1057 (Mar 16 low). On the flip side, resistances line up at 1.1242 (May 23 high), 1.1315 (50-day SMA/May 18 high) and 1.1353 (20-day SMA).


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